Social network app for my university ?

Will this be a good idea provided facebook is already out there?
Also app usage will be limited to university students only.

It depends on the demand and what it would offer differently to other popular sites like facebook. Competition could be just a University facebook page where people already communicate etc… but if you can come up with different ideas and put the word out to see if people would be interested why not?

It is a nice idea. I liek it. You can go with your idea. But before starting the development just think some unique concept for your app. So that people can attract and come up with it.

If your idea covers something FB doesn’t already do or does something much BETTER than you’ll have a hit.
HOWEVER, just coz you think its better doesn’t mean everyone else will think its better. The best audience to check this with is your fellow uni students who will end up finally using the app